Ex-Warri Refinery MD arraigned on N1.34bn money laundering charges
The former head of Nigeria's Warri refinery faces money laundering charges totaling N1.339 billion, spotlighting governance risks at the state oil company.
Jimoh Olasunkanmi Yisawu, former managing director of the Warri Refining and Petrochemical Company Limited, has been arraigned by Nigeria’s Economic and Financial Crimes Commission (EFCC) on eight counts of money laundering. He pleaded not guilty before the Federal High Court in Abuja.
The anti-graft agency alleges Yisawu laundered funds totaling N1.339 billion while serving as a public officer under the Nigerian National Petroleum Company Limited (NNPCL) between October 2023 and May 2025. The charges detail the indirect conversion of $789,950 through an intermediary in Abuja. A separate count outlines the conversion of $122,600 routed through a Lagos-based corporate entity.
For market professionals, a key allegation involves the transfer of N65.86 million to Cordros Securities Limited on February 21, 2024, specifically for the purchase of treasury bills. The EFCC asserts these funds represented proceeds of unlawful activity, contravening the Money Laundering (Prevention and Prohibition) Act, 2022. This detail places a spotlight on how allegedly illicit capital interfaces with regulated financial intermediaries and sovereign debt instruments.
Following the not-guilty plea, the EFCC opposed bail, filing a 17-paragraph affidavit emphasizing the severity of the accusations. Justice Inyang Ekwo ultimately granted bail at N500 million with a matching surety who must own verified landed property within the court's jurisdiction. Yisawu was ordered to surrender his international passport and is barred from traveling without prior judicial approval.
The case is unfolding as NNPCL attempts to restore the operational capacity of its downstream assets, including the Warri complex. For foreign investors and counterparties assessing governance standards in the Nigerian energy sector, the prosecution of a former refinery chief highlights the persistent compliance and enforcement risks facing senior public officials.
Until the strict bail conditions are satisfied, Yisawu will remain in EFCC custody. The court has adjourned the matter, scheduling the trial to commence over three days in late October 2026.
